Imation Corp. lost money in the third quarter of the year and is selling off business units.

The Oakdale, Minn.-based company posted a $35 million net loss on revenue that fell about 16 percent compared to the same period last year.

Imation is known for selling optical disks and magnetic tape for data storage. But now it’s shifting gears and focusing on high-security data storage and helping organizations reduce storage costs.

Imation is struggling but not dead, said Eric Martinuzzi, a senior research analyst with Lake Street Capital Markets. Despite revenue drops this year, Imation has a respectable cash balance and is getting rid of lagging businesses, he said.

Imation said it has completed the sale of its Memorex consumer electronics business and will sell its XtremeMac business, which makes accessories for Apple products.

The company also cut about 270 employees, more than 20 percent of its workforce, in the first nine months of the year.